Trading activity on the Ghana Fixed Income Market (GFIM) rebounded strongly in the week ended August 7, 2026. Investors shifted heavily into bonds issued under the Domestic Debt Exchange Programme (DDEP), pushing total secondary-market turnover above GHS 9 billion. The GFIM Weekly Wrap for August 3–7 shows that total securities traded reached GHS 9.01 billion. This represents a 32.60% increase from GHS 6.80 billion in the preceding week.
The increase was almost entirely driven by renewed activity in DDEP bonds. Turnover in these bonds surged 148.89% to GHS 5.67 billion from GHS 2.28 billion a week earlier. DDEP securities consequently accounted for approximately 62.92% of all fixed-income trading during the week. This firmly displaced Treasury bills as the dominant segment of secondary-market activity.
This shift is significant because it points to increased investor appetite for longer-duration government securities. This occurs at a time when Ghana’s interest-rate environment continues to adjust to lower inflation and changing expectations around monetary policy. Treasury bills, which had dominated the previous week, moved in the opposite direction. Trading in short-dated government securities declined 25.81% to GHS 3.16 billion, from GHS 4.26 billion in the preceding week.
The contrasting movements suggest that some investors may be extending duration. They are repositioning portfolios towards longer-dated securities rather than concentrating liquidity exclusively at the short end of the government yield curve. This rotation becomes even clearer when the composition of DDEP trades is examined. The 9-year DDEP bond was the most actively traded security category during the week. It attracted approximately GHS 1.98 billion in transactions, up sharply from GHS 827.36 million the previous week. That represents an increase of roughly 139.39% in a single week.
The 9-year instrument alone accounted for approximately 34.93% of all DDEP bond turnover. This made it the clearest centre of investor activity. The 11-year DDEP bond followed with GHS 1.24 billion in trades, compared with only GHS 30.00 million in the previous week. This represents an extraordinary increase in liquidity and suggests that large institutional transactions played a significant role in the week’s market activity. The 8-year DDEP bond attracted another GHS 903.60 million, more than double the GHS 405.55 million traded during the previous week.
Together, the 8-year, 9-year, and 11-year DDEP securities accounted for approximately GHS 4.12 billion. This is nearly 72.67% of total DDEP turnover. Although headline DDEP trading reached GHS 5.67 billion, the underlying activity was not evenly spread across the restructured bond curve. Instead, investors concentrated heavily around selected medium-to-long maturities where liquidity was deepest and yields remained relatively attractive.
The 7-year DDEP bond also recorded substantial activity at GHS 582.49 million, although that was down from GHS 832.85 million in the preceding week. Meanwhile, turnover in the 4-year DDEP security jumped to GHS 542.66 million from just GHS 76.86 million. The 6-year bond increased sharply to GHS 218.09 million from GHS 4.92 million. The 5-year DDEP bond, which had recorded no trades in the previous week, returned to the market with GHS 170.11 million in turnover. The 14-year DDEP bond recorded GHS 17.14 million, the 12-year security GHS 13.78 million, and the 15-year bond just GHS 3.67 million. No activity was recorded in the 13-year DDEP bond.
This pattern reinforces a central feature of Ghana’s post-debt-exchange fixed-income market. While DDEP securities have become important secondary-market instruments, liquidity remains highly concentrated around selected maturities. Yield movements were equally revealing. The market recorded a mixed yield curve, with some maturities repricing sharply higher while others experienced notable declines. The 4-year yield rose to 11.47% from 10.43%, an increase of 104 basis points. This represents the largest upward movement among the securities captured in the weekly wrap. The 8-year yield also increased materially, rising 72 basis points to 14.78% from 14.06%. The 5-year yield moved to 13.38% from 13.05%, a 33-basis-point increase, while the 6-year yield climbed 59 basis points to 13.96%.
At the longer end, however, a different pattern emerged. The 12-year yield declined 58 basis points to 15.32% from 15.90%. The 7-year DDEP yield fell by the same 58 basis points to 14.51% from 15.09%. The 11-year yield declined 40 basis points to 15.39%, from 15.79%, while the 10-year yield fell 34 basis points to 14.66%. The 15-year security also declined. This mixed yield movement suggests investors are carefully evaluating risk and return across different bond durations. This will continue to shape Ghana's debt market dynamics in the coming months.